Cibus acquires and divests retail assets in Belgium and Nordics

Retail real estate investor Cibus has announced the acquisition of two new properties for €9.3 mln and the divestment of six assets for €20.2 mln.

Christian Fredrixon

In Belgium, Cibus acquired a Jumbo store in Limburg for €4.6 mln. The 1,300 m2 store will be expanded by 400 m2 and is fully leased to Jumbo on an 18-year agreement. The acquisition will be financed with a 50% LTV from a local bank.
Also in Belgium, Cibus sold three non-strategic DIY stores (Diest, Peer, Pelt) leased to Gamma to a private investor for €10.2 mlnm, at a value above book.
In Finland, a €4.7 mln sale-and-leaseback transaction for a 2,500 m2 grocery store in Iisalmi was signed with a major grocery chain. It comes with an 18-year lease without break options, expected to close in July 2025, and also with 50% LTV financing from a local bank.
Two Helsinki grocery stores, totalling 3,900 m2, were sold to a grocery chain for €9.1 mln, significantly above market value. One property is leased to the buyer, and the other was vacated in late 2024. 
In Sweden, a former 900 m2 Coop grocery store in Eslöv was sold to the Municipality of Eslöv for €1.1 mln, slightly above book value. The municipality plans urban development for the vacant property.
Cibus also refinanced €232.5 mln (19% of its total bank loans) with new 3-year loans (with 2-year extension options), achieving an average credit margin reduction of over 50 bps. 
Christian Fredrixon, CEO Cibus Nordic Real Estate, stated:  "I am pleased that, shortly after the completion of our Benelux acquisition, we are both making acquisitions and streamlining the portfolio by divesting non-strategic properties at attractive prices. The divestments in Finland and Sweden also highlight the alternative uses and value of our properties, and all divestments are a way for us to recycle capital. In terms of financing, it is encouraging to see lower bank margins, and we thank the banks for their continued support."